Have Low Interest Rates Caused a Refinance Housing Bubble?

Cash-out refinancing rates are at the highest level in 15 years according to a recent report from Black Knight, with $63 billion in equity being withdrawn in Q2 2021 alone. Real estate values are also at the highest levels ever, with the national average for median home value increasing 19.5% over the past year. As more and more homeowners tap into their home's newfound equity, could this low-interest- rate environment be creating a potential housing bubble without us realizing?